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Money Guy Show

The Harsh Truth About Annuities

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.73.1K Ratings

🗓️ 1 May 2020

⏱️ 59 minutes

🧾️ Download transcript

Summary

Fear is a great sales tool. With every swing of the market, that fear grows, and your need to be educated on financial terms and strategies increases along with it. Before you get pitched on an annuity to calm your financial fears, use this episode to educate yourself! Not every annuity or financial salesman is bad, but we've seen too many consumers be taken advantage of with this financial tool. This episode explains everything you need to know about annuities: what they are, how they work, and how to tell if you're getting ripped off. For more information, visit: https://www.moneyguy.com/2020/04/the-harsh-truth-about-annuities/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Everything you ever want to know about annuities and more.

0:04.4

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:11.2

investing, taxing.

0:13.1

You've got financial questions, he's got financial answers.

0:16.7

It's Brian Preston, the money guy.

0:19.5

Yeah, so this one I think is an interesting one, Brian, because annuities are of, it's

0:26.4

a polarizing word out there in the financial industry.

0:29.3

When you even start throwing it out there, either people's ears kind of perk up, or they

0:33.4

immediately turn 180 and move in the opposite direction as fast as they can.

0:36.6

Well, I mean, there's several things going on.

0:38.8

We talked about this in pre-show planning.

0:40.4

I don't tell people when I meet new neighbors or even people if you go to like an entrepreneur

0:46.9

junction or something like that, they say, what do you do for a living?

0:50.6

I always pause, because I never know what to say, because when you tell somebody you're

0:54.5

a financial planner, they, you know, you're not going to be able to do that.

0:56.3

They naturally social distance from you, because they assume it's a matter of time before

1:01.5

you either pitch them a life insurance policy, an annuity.

1:05.6

And that's so unfortunate to me that that's become synonymous with what financial planners

1:10.7

use in their toolbox.

1:11.9

So we want to kind of explain, because we've had, here's what's going on, though, we've

1:15.1

gone through a weird time.

1:16.8

I mean, because we've had stock markets that have crashed, we've had all of us go under

...

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